MONTREAL,
June 27, 2013 /PRNewswire/ - Argex
Titanium Inc. (TSXV: RGX) announced today that it has entered
into a long-term supply agreement with PPG Industries Inc. (NYSE:
PPG) relating to titanium dioxide (TiO2) pigment
suitable for various end-use applications by PPG.
PPG is the world's leading coatings and
specialty products company, serving customers in construction,
consumer products, industrial and transportation markets and
aftermarkets. PPG operates in nearly 70 countries around the
world, with sales in 2012 of US$15.2
billion.
The supply agreement and a concurrently executed
research services agreement between PPG and Argex, whereby PPG will
provide continued research and development support to both optimize
Argex pigment grade TiO2 for paints and coatings and combine PPG's
coatings technology and expertise with Argex's TiO2 proprietary
processing technology, replace the collaboration agreement signed
by the two parties that was announced in April, 2012.
Roy Bonnell,
Argex President and Chief Executive Officer, said, "The agreements
with PPG are a significant milestone for our Company. Our
relationship with PPG has greatly assisted with our stated goal to
move towards production. We are very pleased that PPG will be our
first customer for TiO2 pigment suitable for use in its
architectural paint production. We are also pleased that we will
continue our collaboration with PPG to optimize our product for
other various end-use applications."
"These agreements and our ongoing collaboration
with Argex are demonstrative of PPG's stated intent to leverage our
expertise to secure an enhanced supply of critical raw materials,"
said Charles F. Kahle II, PPG Chief
Technology Officer and Vice President, Research and Development,
Coatings.
PPG previously manufactured titanium dioxide
using the chloride process at its former Natrium, W.Va., chemicals
plant and sold titanium dioxide pigment for coatings and other
end-use applications. Titanium dioxide is a raw material widely
used in the paint and coatings industry as pigment for its hiding,
durability and whiteness characteristics.
About Argex Titanium Inc.
ARGEX Titanium Inc. is a near-term producer of
Titanium Dioxide (TiO2). With a primary goal of
advancing rapidly towards production, Argex has adopted a simple
and low-risk strategy for the scale-up of its proprietary process
that allows it to produce high quality TiO2 pigment
directly from run-of-mine material from a variety of sources. The
closed-loop process is environmentally friendly and produces
minimal inert tailings.
The feasibility study for the process is nearing
completion.
The Argex R&D Centre and its first
industrial sized production module will be situated in Salaberry-de-Valleyfield, Quebec. The company
expects its industrial plant to be operational in early 2015. The
location of the site can be viewed at Argex Valleyfield.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Argex Titanium Inc.